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Uruguay did not pay much new issue premium, if any
A normalisation of Argentinian borrower access to markets has helped spur issuance
Issuance in euros by LatAm & Caribbean sovereigns is at record levels
The sovereign priced inside paper of similar maturity from Brazil and Colombia
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Central American sovereign El Salvador will this week show just how far risk appetite has rebounded in emerging markets as it seeks a long-dated benchmark bond even as an inverted bond curve suggests markets are pricing a high level of stress. -
After a rush of dollar issuance from Latin American sovereigns, Uruguay — the last of the region’s investment grade countries to turn to bond markets during the coronavirus pandemic — spotted the chance in late June to become the first EM sovereign to issue abroad in its own currency this year. Herman Kamil, director of the country's debt management office (DMO), tells GlobalCapital how the sovereign bucked the trend.
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Suriname took a market-friendly approach to arranging debt relief this week as bondholders agreed to delay the amortisation schedule on its 2023s. But a full restructuring remains on the cards.
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As tensions between Argentina and its largest bondholders climbed this week, the government’s prize asset, oil firm YPF, differentiated itself with a debt exchange that, according to rating agencies, does not punish creditors — unlike the sovereign’s proposals.
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Debt capital markets and syndicate bankers covering Latin America say that there is plenty of primary market activity on the way before the end of summer, as new issuance ticked over during the shortened July 4 week.
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Banco Internacional del Perú (Interbank) sold a $300m subordinated bond on Tuesday just two business days after its largest domestic rival raised $850m in the same format.
